GBP/USD – Rejected at confluence of 23.6% Fib & 100-DMA
Pair failed at 1.2775 (confluence of 23.6% Fib retracement of 1.5019-1.2083 + 100-DMA) on Tuesday.
Pair’s rejection at 1.2775 followed by a drop to 1.2646 in Asia suggests the bullish momentum may have run out of steam. Thus, the pair could witness sideways action in the range of 1.2775-1.26 levels in the short-term.
The 5-DMA and 10-DMA are rising, while the higher lows formation on RSI is intact, thus the upper end of the range – 1.2775 could be put to test again.
Pair’s rejection at 1.2775 followed by a drop to 1.2646 in Asia suggests the bullish momentum may have run out of steam. Thus, the pair could witness sideways action in the range of 1.2775-1.26 levels in the short-term.
The 5-DMA and 10-DMA are rising, while the higher lows formation on RSI is intact, thus the upper end of the range – 1.2775 could be put to test again.
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